Adani Selloff Drags Group’s Market Value to Under $100 Billion
- Conglomerate loses about $138 billion in market capitalization
- Valuation hit by Hindenburg charges of stock manipulation
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The combined equity market value of Adani Group’s 10 companies slipped below $100 billion on Tuesday, as the embattled conglomerate struggles to reassure investors following a scathing report by a US short seller.
The ports-to-power group has now lost about $138 billion in market capitalization since Jan. 24, when US-based Hindenburg Research published a report alleging accounting fraud and stock manipulation — accusations that Adani Group has denied repeatedly.